HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
Can I deduct business gifts, and what’s the limit?
Yes, business gifts are deductible up to $25 per recipient per year, if properly documented and business-related.
How do I deduct startup costs and organizational expenses?
Deduct up to $5,000 in startup and organizational costs, with the rest amortized over 15 years under IRS rules.
What’s the limit on business travel deductions?
Business travel is deductible if properly documented. Meals are 50% deductible, with strict IRS substantiation required.
Can I deduct meals and entertainment expenses?
Business meals are 50% deductible if conditions are met. Entertainment expenses are generally not allowed under current IRS rules.
What are the most common business deductions I can take?
Claim deductions like operating costs, travel, home office, and more if they’re ordinary and necessary for your business.
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What’s the best way to track personal vs. business expenses?
Track personal and business expenses by keeping separate bank accounts, using dedicated business credit cards, documenting each expense’s purpose, and allocating mixed-use costs proportionally. Use accounting software to automate categorization and maintain compliance.
How do I handle cash transactions in my records?
Record all cash transactions daily, including date, amount, purpose, and customer info. Keep receipts, use a cash log, reconcile regularly, and report large payments over $10,000 using Form 8300.
What is the best method for organizing business receipts?
Organize business receipts using digital tools like QuickBooks or physical filing by year and category. Keep records for at least 3 years, separate personal/business finances, and back up all data for audit readiness.